Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-07-09-Speech-3-033"
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"en.20080709.2.3-033"2
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"Madam President, it is clear from this debate that the alleged fight against inflation is limited to restricting pay rises. In order to justify the ninth increase in the European Central Bank base rate in two and a half years, European Union monetary policy managers only talk about the need for pay restraint and ignore the scandalous increase in the profits made by big companies and economic and financial groups, which are about 30% per year, while pay rises in some countries do not even cover the rate of inflation. This is the case in Portugal, where most workers and pensioners have suffered serious losses in their purchasing power and where pay and pensions are among the lowest in the European Union.
The complete lack of social sensitivity of these monetary policies, with high interest rates and an over-valued euro, is exacerbating social and territorial inequalities, contributing to an increase in poverty and creating more and more problems for micro and small companies, especially in the countries with the weakest economies. This policy should therefore be changed to do exactly the contrary and to prioritise economic growth and employment, eradicate poverty and promote social progress and development."@en1
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